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Chorus Ltd ASX:CNU

0 opened or increased0 held1 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 1 reduced. 1 managers in total.

Position history by manager 1 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

202420252026

31 Dec 2023 to today

Commentary Showing 2 of 6

DateManagerActionSummary

16 Sep 2026L1 CapitalExitL1 Capital sold their investment in Chorus, the New Zealand telecommunications infrastructure company, after being a material shareholder for several years, with the share price at approximately $6.67. L1 Capital notes its investment thesis had played out, as a key catalyst it had identified, an increase in the dividend payout ratio, had occurred and lifted the share price. The manager continues to regard Chorus as a high-quality business with an attractive longer-term outlook. However, L1 Capital believes better opportunities exist in companies with greater future share price upside and new catalysts still to unfold, prompting it to recycle the capital.

Article, price recorded $6.67

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30 Jun 2026L1 CapitalExitL1 Capital exited its investment in Chorus Ltd, the New Zealand telecommunications infrastructure business, after actively engaging with the company for many years. The manager notes that while the business remains well positioned and well-managed, the original investment thesis has matured over time, prompting the fund to fully exit the position rather than continue holding given the diminished remaining upside relative to the original catalysts identified.

Presentation, price recorded $8.22

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4 more comments on CNUPro shows every comment, with a link to each source document.

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 1 managers first commented on CNU.

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About Chorus Ltd

Industrials, Diversified Telecommunication Services

Chorus (ASX:CNU), New Zealand's national fibre network operator, has been a long-term holding for L1 Capital, which has now exited. In September 2026, L1 Capital reported selling its stake after being a material shareholder for several years, explaining that its investment thesis had played out, including a key catalyst around the potential to increase capital returns. L1 had previously described Chorus as well positioned and well managed, while signalling that its original thesis had matured. Chorus operates in the Communication Services sector within the Diversified Telecommunication Services industry, and Thesis Tracker has captured 5 comments from 1 fund manager, L1 Capital. Founded in 2008 and headquartered in Wellington, Chorus builds, owns and operates New Zealand's fibre broadband and fixed-line network, providing wholesale services to retail telecommunications providers across the country.

Market cap: $3.5b
Price to earnings: Loss-making
Return on equity: 0.0%
Dividend yield: 0.0%
Price to book: 0.00x
Net margin: 0.0%
52-week range: $6.51 to $8.49

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Chorus Ltd (ASX:CNU)?

Fund managers including L1 Capital have invested in Chorus Ltd (ASX:CNU).

What opportunities or catalysts do fund managers highlight for Chorus Ltd?

L1 Capital's thesis centred on Chorus' regulated fibre infrastructure and the potential to lift capital returns to shareholders as network capital expenditure eased, a catalyst it says has now largely played out. L1 continues to view the business as well positioned and well managed.

What are the key risks to the Chorus Ltd investment thesis, according to fund managers?

L1 Capital exited because it believes the investment thesis has fully played out, suggesting limited remaining upside from its original catalysts at current prices.

What does Chorus Ltd (ASX:CNU) do?

Chorus Ltd. is a New Zealand-based telecommunications infrastructure company founded in 2008 and headquartered in Wellington. The firm provides fixed-line communication infrastructure services to retail service providers. Its operations include managing a nationwide network of fiber-optic and copper cables, connecting homes and businesses. Additionally, Chorus offers essential backhaul and co-location services, supporting the critical communications framework for retail service providers across New Zealand.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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